Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

A JCPenney department store logo at an abandoned shopping mall in Roanoke Rapids, North Carolina in August 2019. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

JCPenney is weighing bankruptcy as one of its options to deal with the financial fallout of the coronavirus pandemic, Reuters first reported.

Catch up quick: The 118-year-old company — which holds nearly $4 billion in long-term debt — has temporarily furloughed 80,000 of its hourly store associates in response to the virus and closed its stores and offices.

  • JCPenney announced Wednesday it would miss the due date on a $12 million interest payment, for which it has a 30-day grace period, per Fox Business.

What they're saying: "As a result of the pandemic, JCPenney made the strategic decision to not make an interest payment due on April 15th and take advantage of the 30-day grace period to continue ongoing discussions with lenders and maximize financial flexibility," company spokesperson Brooke Buchanan said in a statement.

  • "JCPenney has been engaged in discussions with its lenders since mid-2019 to evaluate options to strengthen its balance sheet, a process that has become even more important as our stores have also closed due to the pandemic," Buchanan said.
  • "The Company successfully met or exceeded guidance on all five financial objectives for 2019 and saw comparable store sales improvement in six of eight merchandise divisions in the second half of 2019 over the first half. We remain focused on our Plan for Renewal, and look forward to when we reopen our doors."

The bottom line: The company "has not made any final decisions on how to address its strained finances," Reuters reports, citing sources familiar, and is "considering asking creditors for breathing room through transactions that would rework debt outside of bankruptcy court proceedings."

Go deeper: The death of department stores

Go deeper

Aug 21, 2020 - Sports

Kentucky Derby to run without fans as coronavirus cases surge

The 'Road To The Kentucky Derby' Conditions Stakes at Kempton Park Racecourse on March 4 in Sunbury, England. Photo: Alan Crowhurst/Getty Images

The Kentucky Derby will be held September 5 without spectators, Churchill Downs announced Friday.

Why it matters: The state set a record last Wednesday for coronavirus infections confirmed in a single day, per the COVID Tracking Project. Hospitalizations in the state are currently on the decline, but have steadily risen throughout August.

Aug 21, 2020 - Health

Trump administration blocks FDA from regulating lab-developed tests

Photo: Pier Marco Tacca/Getty Images

The Department of Health and Human Services this week blocked the Food and Drug Administration's ability to regulate lab-developed tests, including for the coronavirus, that have been produced by hundreds of hospitals.

What they're saying: The change prohibits the FDA from overseeing such tests before they're marketed without a detailed rule-making process. HHS said it is taking the action as part of broader Trump administration review of "duplicative actions and unnecessary policies."

Updated Oct 21, 2021 - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Pfizer booster has 95.6% efficacy, large study shows — FDA authorizes mix-and-match for booster shots — J&J expects $2.5 billion of vaccine sales this year.
  2. Health: Cases and deaths keep falling — White House unveils plan to "quickly" vaccinate kids ages 5-11 — The global coronavirus vaccine gap — Gates Foundation to send $120 million of antiviral pills to lower-income countries.
  3. Politics: Reports: Brazil leader to be accused of crimes against humanity over COVID — Puerto Rico leads U.S. vaccination rates — Hawaii invites fully vaccinated travelers to return from Nov. 1.
  4. Education: Education secretary reveals limits to Biden’s mask push on states — LA extends deadline for school employee vaccinations — Parent sues Wisconsin school district after child tests positive.
  5. Variant tracker: Where different strains are spreading.